Details for EDWARD JONES - NORTH - Ad from 2021-10-03

What does retirement security mean to you?
• Build your resources. While you’re
working, save in tax-advantaged
accounts such as your IRA and 401(k) or
similar employer-sponsored retirement
plan. In your 401(k), contribute at least
enough to earn your employer’s match,
if one is offered, and increase your
contributions whenever your salary goes
up. Remember, especially early in your
career, time is often your biggest asset.
Be sure to save early, since the longer you
wait, the more you’ll need to save to help
reach your goals.

Mark D. Berghuis, CFP®, AAMS®,
CRPC®
Financial Advisor
Edward Jones

Kenosha

October is National Retirement Security
Month. But what does retirement security
mean to you? And how can you work
toward achieving it?
Here are some suggestions:

• Look for ways to boost retirement
income.
When
transitioning
to
retirement, you can take steps to align
your income with your needs. For
example, consider Social Security. You
can start collecting it as early as 62,
but your monthly payments will be
much larger if you can wait until your
“full” retirement age, typically between
66 and 67. (Payments will “max out”
at age 70.) So, if you have sufficient

income from a pension or your 401(k)
and other retirement accounts, and you
and your spouse are in good health with
a family history of longevity, you may
consider delaying taking Social Security.
You also might want to explore other
income-producing vehicles, such as
certain annuities that are designed to
provide a lifetime income stream.
• Prepare for unexpected costs.
During your retirement, you can
anticipate some costs, such as housing
and transportation, but other expenses
are more irregular and can’t always be
predicted, such as those connected with
health care. Even with Medicare, you
could easily spend a few thousand dollars
a year on medical expenses, so you may
want to budget for these costs as part of
your emergency savings, and possibly
purchase supplemental insurance. You
may also want to consider the possibility
of needing some type of long-term
care, which is not typically covered by

Medicare and can be quite expensive. The
average annual cost of a private room in a
nursing home is more than $100,000, and
it’s about $55,000 per year for a home
health aide, according to Genworth, an
insurance company. To address these
costs, you may want to consider some
form of protection, such as long-term
care insurance or life insurance with a
long-term care component.
• Do your estate planning. It’s hard
to feel totally secure in retirement if
you’re unsure of what might happen if
you have an unexpected health event,
become incapacitated or die earlier
than expected. That’s why you’ll want to
create a comprehensive estate plan – one
that might include documents such as a
durable power of attorney, a will and a
living trust. A review of your insurance
coverages and beneficiaries can also help
protect your assets and ensure they are
distributed the way you want. In creating
your plan, you will need to work with your

financial advisor and a legal professional,
and possibly your tax advisor as well.
Thinking holistically about your
retirement security and developing and
executing a strategy aligned with your
goals may help free you to enjoy one of
the most rewarding times of your life.
This article was written by Edward Jones
for use by your local Edward Jones Financial
Advisor. Edward Jones, Member SIPC.
To schedule an appointment to meet
with Mark, call 262-551-8089 or email:
mark.berghuis@edwardjones.com
Edward Jones is a licensed insurance
producer in all states and Washington,
D.C., through Edward D. Jones & Co.,
L.P., and in California, New Mexico and
Massachusetts through Edward Jones
Insurance Agency of California, L.L.C.;
Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones
Insurance Agency of Massachusetts, L.L.C.
California Insurance License OC24309

Categories